SteelMint’s bi-weekly domestic pellets (Fe 63%) index, PELLEX, decreased marginally by around INR 50/t to INR 9,900/tonne (t) DAP Raipur today compared to the last assessment on 14 March, 2023.
No deal was recorded in this publishing window as market participants showed least interest in buying pellets at current offers. Buyers are silent after the Odisha Mining Corporation’s (OMC’s) iron ore auction concluded on 16 March, 2023.
Rationale:
- PELLEX has been derived using data points, i.e. trades, offers and bids. To download the detailed methodology, Click here.
- No deal was recorded in this publishing window and hence, accorded 0% weightage for T1 trade.
- Twelve (12) firm offers, bids and indicative prices were heard. Eight (8) were taken for price calculation and given the balance 100% weightage.
- Two (2) bids were heard and both were taken into price calculation.
Raipur-based pellets producers kept offers (Fe 63%) stable at INR 9,900-10,500/t ($120-127/t) exw against the last assessment.
At yesterday’s OMC’s auction for 494,000 t of iron ore fines (Fe54-64%), 456,000 t were booked at INR 3,150-6,600/t. At an another auction, out of 404,000 t of iron ore lumps (Fe60-65%), 277,000 t were booked at INR 6,150-10,600/t. Bids have remained close to the base price except for few lots.
SteelMint’s price assessment for sponge P-DRI (FeM 80%) in Raipur fell by INR 750/t w-o-w to INR 31,400/t exw. On a d-o-d basis, prices moved up INR 150/t. Spot trading remained moderate throughout the week across regions. Also, the ongoing downturn in steel prices has also weighed on sponge iron prices this week.
Region-wise offers and deals:
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